Travel + Leisure Co.

Greetings and welcome to the Travel and Leisure Co. Fourth Quarter 2025 earnings call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operating assistance, please press star zero on your telephone keypad. It is now my pleasure to introduce your host, Andrew Burns, Vice President, Investor Relations. Thank you. You may begin.

Thank you, Shamali. Good morning, everyone. Before we begin, I would like to remind you that our discussion today will include forward-looking statements. Actual results could differ materially from those indicated in the forward-looking statements, and the forward-looking statements made today are effective only as of today. We undertake no obligations to publicly update or revise these statements. The factors that could cause actual results to differ are discussed in our SEC filings and our press release accompanying this earnings call. You can find a reconciliation of the non-GAAP financial measures discussed in today's call in the earnings press release available on our investor relations website. Please note that all references to EBITDA, deleted earnings per share, free cash flow, and return on invested capital made during this call are on an adjusted basis as disclosed in our earnings press release. This morning, Michael Brown, our President and Chief Executive Officer, will provide an overview of our results and longer-term growth strategy. And then Eric Hogue, our Chief Financial Officer, will provide greater detail on our results, capital allocation strategy, and outlook for 2026. Following our prepared remarks, we'll open the call up for questions. Finally, all comparisons today are to the same period of the prior year unless specifically stated. With that, I'll call the turn over to Mike.

Good morning, and thank you for joining us. 2025 was an outstanding year for travel and leisure. Our results reflect sustained momentum in our core vacation ownership business and repeatable execution across the enterprise. Our fourth quarter adjusted even exceeded the full year outlook, which we raised in Q3. 2025 was an excellent year, and we are off to a strong start in 2026. So I want to thank our associates across travel and leisure for their hard work and dedication, which drives our success. In addition to strong financial performance during the year, we advanced our brand expansion strategy, activated new partnerships, and continued to invest in our digital roadmap. These initiatives strengthen the foundation of the business and position us for long-term profitable growth. At the center of our strategy is a clear focus on delivering exceptional vacation experiences for our owners and members. What differentiates Travel and Leisure is that we convert owner satisfaction into recurring demand, predictable cash flow, and consistent capital returns. We've managed the model end-to-end to deliver shareholder value that compounds over time. Since the 2018 spin, we've returned over $2.9 billion to shareholders, reduced our share count by roughly one-third, and grown the dividend by more than 35%. As we enter 2026, leisure demand remains strong. We have momentum in our vacation ownership business and clear line of sight to another year of growth and shareholder value creation. At the same time, we are advancing our brand expansion strategy and strategically optimizing our resort portfolio, building the foundation for sustainable, profitable growth that extends far beyond this year. In 2025, we generated 4% revenue growth and 7% EBITDA growth. Revenue growth combined with EBITDA margin improvement in our shareholder-friendly capital allocation approach fueled compounding growth across the P&L. We returned $449 million to shareholders through dividends and share repurchases, reflecting our ongoing commitment to disciplined capital allocation. These results underscore the strength and resilience of our operating model. 2025 financial performance was led by our vacation ownership business, which is built around a large loyal owner base with recurring, highly recurring demand. Performance is driven less by short-term travel trends and more by these long-term owner relationships and our intentional approach to operating the business. For the year, strong sales and marketing execution drove 8% gross vacation ownership sales growth. BPG was up 6% above the high end of our guidance range, and tour flow growth steadily improved throughout the year, including 5% growth in the fourth quarter. Q4 represented our fastest year-over-year tour growth in 2025. In our Traveler Membership segment, we delivered $228 million of EBITDA for the year, demonstrating the profitability and cash-generating strengths of the business. We remain focused on very tight cost management as we actively mitigate the impact of exchange headwinds. Traveler Membership continues to be an important part of the portfolio, and we are evaluating every opportunity to enhance its performance and create value for shareholders. In 2025, we made meaningful progress advancing our multi-brand strategy, announcing four new resorts across our emerging brands. Margaritaville and Accor continued to deliver solid growth, and we began sales at both Eddie Bauer Adventure Club and Sports Illustrated Resorts. Early consumer response has been very encouraging, and we're focused on scaling these brands in 2026. For consumers, leisure travel has increasingly become an expression of their lifestyle. Our diversified brand portfolio allows us to reach new distinct travel segments. This multi-brand strategy broadens our addressable market and enhances our long-term growth potential. When combined with Club Windham and Worldmark, we have a powerful engine to sustain vacation ownership growth, balancing existing owner upgrades and new owner sales. Another area of focus for us is enhancing the owner experience. We know that delivering outstanding vacations directly drives owner retention and greater lifetime customer value. The more frequently our owners vacation with us, the more likely they are to upgrade. On average, owners purchase 2.6 times their initial purchase over the first 10 years. That dynamic is central to our model, driving predictable revenue and cash flow. To support this, we're investing in technology that makes the experience more seamless end-to-end, from discovering a vacation to booking travel and on-site activities. In 2025, we made progress on our digital roadmap with the launches of the Club Wyndham and Worldmark apps and launch of our new AI concierge service. Beyond digital investments, we are focused on deepening owner engagement through special events and experiential offerings. Our partnerships with Live Nation and Authentic Brands expands our ability to deliver highly differentiated, memorable experiences for our owners. Looking ahead to 2026, we are focused on continuing to advance these initiatives, further enhancing our digital capabilities and scaling new partnerships. In our vacation ownership business, we have consistently been an innovator of the product and in running our timeshare business for the good of our owners and the enterprise. This includes everything from being among the first to adopt a points-based product in the 1990s to recently launching new and innovative brand resorts and experiences. We are constantly modernizing our owner offerings while seeking better and more efficient ways to grow the business. Last year, we embarked on our latest initiative, which we refer to as the Resort Optimization Initiative. A handful of our resorts have aged and are consistently at the lower end of our demand scale. As such, we will be removing those resorts from our system, similar to what hotel brands do year after year, and replace them with higher demand, less seasonal, and newer resorts and resort locations. In fact, Once we net these reductions against our additions, we will have grown our resort portfolio by over 30 resorts in the last three years. We believe this will be a win for our owners as they have demonstrated their resounding support through the individual HOA votes. As noted in our release, this has resulted in a 2025 balance sheet impact and related one-time charges. Going forward, it will drive a full year 2026 positive EBITDA benefit. Eric will walk through the mechanics and how it impacts our financial performance and outlook. Ultimately, this is an innovative way to strengthen our resort system for our owner base while improving the financial health of travel and leisure and our club HOAs. Turning to the outlook, While the first quarter is still in progress, early trends are consistent with our expectations, and we're seeing momentum carry forward across demand, tour flow, and execution. We have started 2026 with strong visibility into the key drivers of our results, and we are well positioned to deliver another year of revenue growth, EBITDA margin expansion, and robust free cash flow. All in, we expect EBITDA in the range of $1.03 to $1.055 billion, reflecting 4% to 7% year-over-year growth. Now I'll turn the call over to Eric to further elaborate on our results, capital allocation framework, and outlook. Eric?